20,000 military members, vets faced foreclosure in 2010

By Gregg Zoroya, USA TODAY

More than 20,000 veterans, active-duty troops and reservists who took out special government-backed mortgages lost their homes last year — the highest number since 2003.

The rate of foreclosure filings in 2010 among 163 Zip codes located near military bases rose 32% over 2008, according to RealtyTrac, a foreclosure research firm. This compares with a 2010 increase in foreclosures filings nationally of 23% over 2008.

The housing crisis has hit military families particularly hard in part because of transfers and the loss of civilian jobs left behind by reservists.

About 12,000 military families applied to the Pentagon’s expanded Homeowners Assistance Program. It makes up most of the difference in price for servicemembers who must transfer and sell their homes for less than they owe, or buys their houses outright.

“Our demand, in terms of (military) families coming to us for assistance, went up 19% in 2010 over the previous year,” says Bill Nelson, executive director of USA Cares, a charity that provides financial assistance to Iraq and Afghanistan war-era troops.

Check out the rest here…

Had enough yet?